Tag: Occidental Petroleum (OXY)

Turmoil at Colombia’s Ecopetrol Raises Profit Fears Ahead of US Investment Decision

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(REUTERS, 20.Dec.2024) — Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol and purges of hundreds of staff to make way for pro-government replacements are fueling fears about the energy company’s future profits and contributions to the economy. The worries, according to interviews with workers, ex-employees, a former […]

Occidental to Buy CrownRock for $12bn

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(Oxy, 11.Dec.2023) — Occidental (NYSE: OXY) entered into a purchase agreement to acquire Midland-based oil and gas producer CrownRock L.P., a joint venture of CrownQuest Operating LLC and Lime Rock Partners, for cash and stock in a transaction valued at approximately $12bn, including the assumption of CrownRock’s debt. Highlights include: Expected […]

Oxy and BlackRock JV to Develop STRATOS DAC Plant

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(Oxy, 7.Nov.2023) — Occidental (NYSE: OXY) announced today that BlackRock (NYSE: BLK) will invest $550mn on behalf of clients in the development of STRATOS, the world’s largest Direct Air Capture (DAC) facility, in Ector County, Texas. Through a fund managed by its Diversified Infrastructure business, BlackRock has signed a definitive agreement to form […]

Occidental Announces 1Q:23 Results

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(Oxy, 9.May.2023) — Occidental (NYSE: OXY) announced net income attributable to common stockholders for the first quarter of 2023 of $983mn, or $1.00 per diluted share, and adjusted income attributable to common stockholders of $1.1bn, or $1.09 per diluted share.  Highlights: Strong operational performance drove cash flow from operations of $2.9bn […]

Houston Texans to Purchase Carbon Removal Credits

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(Oxy, 6.Jan.2023) — 1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Low Carbon Ventures (OLCV) business, today announced an agreement and sponsorship with the Houston Texans whereby the Texans have agreed to purchase carbon dioxide (CO2) removal credits from 1PointFive’s first Direct Air Capture (DAC) plant, which is expected to be […]

NRGBriefs: Ecopetrol’s and Oxy’s Caribbean Deep-Water Deal

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(Energy Analytics Institute, 18.Apr.2022) — Energy briefs including Colombia’s state-owned Ecopetrol and US-based Occidental announcing plans to jointly participate in exploration activities in four blocks in the deep-waters offshore Colombia’s Caribbean coast; Frontera Energy releasing its 2021 sustainability report; and PetroChina establishing an effective ESG management mechanism. LATIN AMERICA AND […]

Oxy Reveals Cash Tender Offers for Certain Senior Notes

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(Oxy, 16.May.2022) — Occidental (NYSE: OXY) has commenced cash tender offers to purchase its outstanding notes listed in the tables below in three separate pools. Occidental’s obligation to accept for purchase, based on the Acceptance Priority Levels (as defined below) set forth in the columns entitled “Acceptance Priority Level” in the […]

NRGBriefs: Trinidad’s Gas and LNG Production Fell in Nov. 2021

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(Energy Analytics Institute, 2.Feb.2022) — Energy briefs including Trinidad and Tobago’s Ministry of Energy and Energy Industries (MEEI) reporting gas, oil and LNG production figures for Jan.-Nov. 2021; and B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) announcing that the government of Mali recently granted B2Gold’s Malian subsidiary a […]

NRGBriefs: Atlantic LNG’s Carbon Abatement Plan

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(Energy Analytics Institute, 29.Oct.2021) — Energy briefs including Atlantic LNG revealing its carbon abatement strategy; Brazil’s oil giant Petrobras reducing its gross debt load to $59.6bn in the 3Q:21; and more. LATIN AMERICA AND THE CARIBBEAN Colombia — GoldMining Inc. (TSX: GOLD) (NYSE American: GLDG) entered into and closed an […]

Occidental Divests Ghana Assets for $750mn

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(Occidental, 13.Oct.2021) — Occidental (NYSE:OXY) agreed to sell its interests in two Ghana offshore fields for $750mn to Kosmos Energy ($550mn) and Ghana National Petroleum Corporation (GNPC) ($200mn), prior to closing adjustments to reflect an 1 April 2021 effective date. The sale to Kosmos closed upon signing and the sale […]

ANH Inks Contracts With Anadarko Colombia

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(ANH, 8.Oct.2021) — The National Hydrocarbons Agency (ANH) and Anadarko Colombia Company signed 4 contracts for the exploration and production of hydrocarbons in the Colombian Caribbean, with investment commitments of approximately $1.4bn. Highlights: — Contracts COL-1, COL-2, COL-6 and COL-7 are located in contiguous areas off the coasts of Magdalena, […]

Ecopetrol Eyes Capex of $3.5-$4bn In 2021

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(Ecopetrol, 14.Dec.2020) — Ecopetrol S.A.’s Board of Directors approved the 2021 organic investment plan for the Ecopetrol Group (GE) for an estimated amount between $3.5bn and $4bn. HIGHLIGHTS – The investment plan approved by the Board of Directors is oriented towards restoring the Ecopetrol Business growth’s path, increasing competitiveness, strengthening […]

ANH Says 16 Companies Qualified For 3rd PPAA

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(Energy Analytics Institute, 23.Oct.2020) — Colombia’s National Hydrocarbon Agency or ANH published a definitive list of 16 companies qualified for the third cycle of its Permanent Area Assignment Process (PPAA). The ANH received 19 requests from companies interesting in qualifying, but settled on 16 that will be able to present […]

BayĂłn Says Unconventionals Not The Only Option

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Ecopetrol’ CEO Felipe Bayón said unconventionals were a very important option for Colombia since they allowed the country to boost its oil and gas reserves-to-production ratios while generating benefits for many regions such as employment, and goods and services. But he added: “In terms energy security, unconventionals are very important but they’re not the only option.”

Total Discontinues Purchase Of Oxy’s Assets In Ghana

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(Total, 18.May.2020) — In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa. Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets. The PSA […]

Ecopetrol To Ratchet Up Oil Output By 4% In 2020

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(S&P Global Platts, 30.Oct.2019) — Colombia’s state-controlled Ecopetrol is targeting 2020 production of 740,000-760,000 barrels of crude and equivalents per day, up to 4% more than expected average output this year, CEO Felipe Bayon said during a conference call Wednesday to discuss third-quarter results. He also announced a significantly higher […]

Ibank Jefferies Cuts Bankers As M&A Slows

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(Reuters, Gary McWilliams and David French, 27.Sep.2019) — Jefferies Financial Group has laid off 15 people in its energy investment banking team, as the bank reacts to a slowdown of mergers and acquisitions activity among oil and gas companies, sources familiar with the matter said on Friday. The job cuts […]

ANH Approves Occidental Farm Out with Amerisur

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(Amerisur, 11.Jun.2019) — Colombia’s National Hydrocarbon Agency (ANH) granted approval of the farm-out agreement with Occidental announced 23 November 2018. The deal relates to four exploration blocks: Putumayo-9, Terecay, Tacacho and Mecaya in the Putumayo region, southern Colombia. As previously stated, Occidental acquires a 50% interest in each block and […]

Total CEO Says Planned Buy Of Anadarko’s Africa Assets ‘Perfectly Fitting’

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(Reuters, Humeyra Pamuk, 16.May.2019) — French energy giant Total SA’s planned acquisition of U.S. firm Anadarko’s African assets is “perfectly fitting” with the company’s overall strategy and helps play to its strengths, Chief Executive Patrick Pouyanne said on Thursday. Total agreed to buy all of Anadarko’s oil-and-gas-producing assets outside the […]

WoodMac: Chevron Exits Bidding War For Anadarko

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(WoodMac, 9.May.2019) — Chevron Corporation today announced that it would not offer a counter proposal to Occidental Petroleum’s rival bid to acquire Anadarko Petroleum. Earlier this week, Anadarko said it had received an offer from Occidental that was superior to a previously-arranged deal with Chevron. Chevron said it would allow […]

Peru Gives Tullow Oil Another Shot At Exploration

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(Argus, 1.May.2019) — Peru reapproved a contract for UK-listed Tullow Oil to explore shallow-water block Z-64. This is Tullow’s second chance with the block, nearly a year after its original contract was cancelled. The 54,000-hectare block lies off the northern coastal department of Tumbes, where Canadian independent Frontera Energy operates […]

Occidental Makes $38bn Rival Bid for Anadarko

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(WoodMac, 24.Apr.2019) — Occidental Petroleum today put forward a rival bid to acquire Anadarko Petroleum for US$38 billion, surpassing Chevron’s US$33 billion offer earlier this month. Occidental proposes paying US$76 per share, roughly 20% more than Chevron‘s earlier offer of US$65 per share. Zoe Sutherland, corporate analyst at Wood Mackenzie, […]

Colombia’s Cano Limon Pipeline Restarts

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(Seeking Alpha, Carl Surran, 17.Jul.2018) – Colombia’s Cano Limon-Covenas pipeline has resumed pumping oil after a 180-day stoppage due to repeated attacks by Marxist ELN rebels, according to loval military and industry sources. Apart from bombing damage, 41 illegal valves used to steal crude were found on the pipeline, says […]